14# DOSR Trading System
DETERMINE THE SUPPORT AND RESISTANCE LINES ON LAST DAILY CANDLE
Example on how to draw the Support and Resistance lines:
Open your chart and switch to daily time-frame
Scenario 1 – Bullish candle (price close above Open)
Ignore the Low of the Day and Closing Price
High of the Day 0.6733
Open Price 0.6684
In the picture below DOSR Trading System in action.
*Draw the line on High (0.6733 as Resistance) and draw the line on Open (0.6684 as Support).
Scenario 2 – Bearish candle (price close below Open)
Ignore the High of the Day and Closing Price
*Draw the line on Open (1.6276 as Resistance) and draw the line on Low (1.6212 as Support)
ENTRIES AND EXITS
If you have the time to look at the chart… do the following:
Enter the trade when the 5-minute bar penetrates and close higher than the Resistance level.
Enter the trade when the 5-minute bar penetrates and close lower than the Support level.
Exit the trade when the 5-min bar closing price is greater than your stop-loss value. For example if your stop-loss on EUR/USD is about 20 pips and if it closes more than that, exits the trade.
My risk-reward ratio is 1:1 so if I set my SL to 20 pips, my TP would be 20 pips. However, if you want to make more pips than that, I recommend entering with 2 or more lots and then exit the first TP target of 20 pips then move your SL to breakeven in order to let the winner runs.
If you don’t have the time to look at the chart… do the following:
Set a buy order at the Resistance level with a SL and TP target.
Set a sell order at the Support level with a SL and TP target.
Your preset SL target will handle itself.
Your preset TP target will take care of itself.
Recommended Stop-Loss and Take-Profit target
EUR/USD – 20 pips
GBP/USD – 30 pips
GBP/JPY – 50 pips
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claudio (Wednesday, 27 July 2016 10:49)
Can someone tell me which time chart to place the order? I understand to watch the 5 minute charts till the bar go though the S/R and close.... right?
send an email if you can